NEWARK, Del, Feb. 12, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the size of the worldwide diesel power engine market is projected to be valued at US$ 9 billion in 2024. By 2034, it is anticipated to reach a valuation of about US$ 18.8 billion. Between 2024 and 2034, the market is anticipated to rise at a compound annual growth rate (CAGR) of 7.6%.
Growth is set to be fueled by diesel engines' superior fuel economy over gasoline-based engines, which is particularly useful in trucks, buses, and construction equipment. In order to reduce emissions and improve efficiency in off-road machinery & commercial vehicles, renowned automakers are integrating diesel engines into electric and hybrid powertrains. This trend is expected to increase as governments in several countries implement stricter regulations.
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In order to lessen their dependency on fossil fuels and cut greenhouse gas emissions, companies are concentrating their research & development efforts on the discovery of new alternative fuels, such as biodiesel, renewable diesel, and synthetic diesel. In order to provide real-time monitoring, predictive maintenance, and engine optimization, diesel engine manufacturers are incorporating digital technology and connection solutions into their engines.
Owing to its great torque and dependability, diesel-powered machinery is predicted to be in high demand as a result of the continued growth of a number of industries, including mining, construction, and agriculture. With the increasing requirement for backup systems and generators to power remote construction sites, telecommunications towers, and power plants, there will likely be a boom in demand for diesel engine technology.
The military and defense sector is expected to use small diesel engines in aircraft, ships, and vehicles to obtain high durability and fuel efficiency. The marine propulsion industry is expected to be one of the leading end-users of diesel engines as these can provide robust performance, long range, and high efficiency in maritime transport & commercial shipping applications.
Key Takeaways from the Diesel Power Engine Market Report:
- The global diesel power engine market expanded at a CAGR of about 9.2% in the historical period 2019 to 2023.
- The United States diesel power engine industry is projected to attain a valuation of US$ 3.3 billion by 2034.
- China is anticipated to expand at a CAGR of 6.8% from 2024 to 2034.
- Japan’s diesel power engine market is anticipated to witness a CAGR of 9.0% through 2034.
- In terms of operation, the standby segment is projected to witness a CAGR of 7.4% from 2024 to 2034.
- Based on rated power, the up to 0.5 MW category is estimated to exhibit a CAGR of around 7.1% through 2034.
“As they can lower carbon emissions, the quick development of novel biofuels and renewable diesel is anticipated to open up new business prospects for providers to the diesel engine industry. The cutting-edge fuels are projected to be utilized in diesel engines with zero to very little modification, offering a means of decarbonizing the transportation and industrial sectors,” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape
There are a number of significant players in the highly fragmented global diesel power engine industry. Their primary goal is to collaborate with well-known automakers to supply their internal heavy-duty diesel engines.
To obtain a competitive advantage, a number of automakers across the globe are working to boost sales of their diesel-powered cars. They are always adding new features and diesel engines to their outdated automobile models.
Key Companies Profiled in the Diesel Power Engine Market Report
- Caterpillar Inc.
- Cummins, Inc.
- MAN SE
- Rolls-Royce Holdings plc.
- Wärtsilä Corp.
- Mitsubishi Heavy Industries, Ltd.
- Volvo Penta
- Hyundai Heavy Industries Co., Ltd.
- Doosan
For instance,
- Tata Motors unveiled the new Turbotronn 2.0 engine in January 2024. In the truck business, the new engine is expected to provide excellent efficiency and dependability. It was designed to fit trucks weighing between 19 and 42 tons. Long-haul and inter-city transportation are two trucking applications where the engine excels.
- Tata Motors stated in January 2024 that it intended to introduce the diesel form of the Tata Curvv in addition to the gasoline and all-electric models. The corporation wants to encourage the use of diesel powertrains as there is less of a market in India for SUVs with diesel engines.
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Diesel Power Engine Market Outlook by Category
By Operation:
- Standby
- Prime
- Peak Shaving
By Rated Power:
- Up to 0.5 MW
- 0.5 to 1 MW
- 1 to 2 MW
- 2 to 5 MW
- Above 5 MW
By End-user:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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